What does savings account trust mean?
Definitions for savings account trust
sav·ings ac·count trust
This dictionary definitions page includes all the possible meanings, example usage and translations of the word savings account trust.
Princeton's WordNet
savings account trust, savings bank trust, trust account, trustee account, Totten trustnoun
a savings account deposited by someone who makes themselves the trustee for a beneficiary and who controls it during their lifetime; afterward the balance is payable to the previously named beneficiary
ChatGPT
savings account trust
A savings account trust refers to a specific type of bank account that is set up by one individual, the trustee, who controls the account, for the benefit of another person, the beneficiary. The assets placed in this type of account are intended for specific uses as dictated by the trustee, which could include paying for educational expenses, health care costs or any other predetermined need. The specifics of the trust, including control over the funds and conditions for fund disbursement, are typically outlined in a trust agreement.
Matched Categories
Numerology
Chaldean Numerology
The numerical value of savings account trust in Chaldean Numerology is: 7
Pythagorean Numerology
The numerical value of savings account trust in Pythagorean Numerology is: 5
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"savings account trust." Definitions.net. STANDS4 LLC, 2024. Web. 28 Apr. 2024. <https://www.definitions.net/definition/savings+account+trust>.
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